National Australia Bank to bid for RBS assets

NAB faces competition with Banco Santander and Virgin Money for takeover of 84% of RBS.

National Australia Bank is expected to be one of three or more parties to lodge first-round offers on Apr. 6 for 318 branches under auction by 84 per cent state-owned Royal Bank of Scotland.

Reports in Britain said NAB was likely to face stiff competition, notably from Spanish lender Banco Santander and Richard Branson's privately owned Virgin Money.
RBS, Lloyds Banking Group and Northern Rock were fully or partly nationalised during the financial crisis.

In return for billions of pounds in state aid, regulators are forcing RBS to sell the branches and other assets.

The three bidders, along with others including private equity groups, have been examining the assets for weeks, and are now expected to lodge first-round bids. NAB, which owns Clydesdale and Yorkshire banks in Britain could lodge a joint bid with a private equity outfit.

Chief executive Cameron Clyne is reviewing the bank's British business, but has said NAB could buy or sell, or choose to grow its business organically.

View the full story in The Australian.